liv.rent's December 2022 rent report for the Greater Toronto Area - statistics, data and more

December 2022 Toronto Rent Report

At a glance

  • For the second consecutive month, average rent for an unfurnished, one-bedroom unit in the GTA has fallen – down $12 since November.
  • Downtown Toronto is now the most expensive place in the GTA to rent one-, two-, and three-bedroom units, for both unfurnished and furnished listings
  • The average monthly rent for an unfurnished, one-bedroom unit in Downtown Toronto is now $892 higher than for the same type of unit in Brampton

Looking for our full December 2022 Toronto Rent Report? Download your copy here to get all the latest insights, including a detailed breakdown by neighbourhood.

The Greater Toronto Area’s rent prices have steadied this December, capping off a torrid year for both renters and landlords. To end the year, the GTA’s monthly average rent price for an unfurnished, one-bedroom unit has fallen by just $12. This is the second consecutive month-to-month decline after a long streak of increases, largely owing to Canada’s continually rising interest rates and consistently high demand for rental housing. As we typically see, prices have started to dip heading into the winter months, though whether this trend is short-lived remains to be seen.

You can get the latest updates on the Toronto rental market straight to your inbox when you subscribe to keep on top of the trends.

Let’s take a look now at the latest data and see which neighbourhoods are experiencing the biggest changes in furnished and unfurnished rental rates.

Jump to the following Toronto Rent Report sections:


Download The Latest Toronto Rent Report

For the complete Toronto rent report, download here.

The average rent price for an unfurnished, one-bedroom unit in the Greater Toronto Area has fallen slightly this December, down $12 from the previous month’s average. This is now the second back-to-back decline, after a seven-month streak of rental rate increases in the GTA. As always, we’ll continue to keep an eye on developing trends in the GTA and driving factors behind the seismic shifts in Canada’s rental markets as we head deeper into the winter renting season.

rental trends for unfurnished one-bedroom units in the Greater Toronto Area via the December 2022 liv rent report

Is your rental priced competitively?

Find out with a free rent estimate. Our team of rental experts will calculate your unit’s true value based on your listing details & current market trends.



Month-to-month rent change

This chart breaks down the percentage change in rent across all GTA cities/municipalities from November to December 2022.

percentage change in rental prices for different cities and municipalities in the Greater Toronto Area, via the December 2022 liv rent report

Unfurnished Toronto rent trends

For unfurnished units, the majority of changes were small this December. Mississauga saw the largest increase at +4.57%, while prices in Downtown Toronto increased by a relatively significant +3.34%. In terms of declines, both Markham (-4.65%) and Brampton (-3.07%) saw similar downward trends, the only two municipalities to see a fall in price this month.


Furnished Toronto rent trends

Furnished units in the GTA’s various municipalities saw larger changes this December. In Scarborough, the average price for a furnished, one-bedroom unit rose by 12.22%, continuing a steep upward trend that began last month. Notable declines occurred in Brampton (-8.80%), Vaughan-Richmond Hill (-4.32%) and Markham (-3.89%), recouping last month’s declines.


Toronto furnished vs unfurnished averages

This December, furnished rental units remain significantly more expensive than unfurnished rentals on average. At present, furnished one-bedroom units cost $299 more than unfurnished units as a whole – which is in line with what we’re used to seeing. This means that landlords choosing to rent their units furnished can expect to earn more profits over time, particularly if they decide to rent their units on a short-term basis. Renters who bring their own furniture can still find significant savings in the GTA.

average rent for furnished vs unfurnished units in the Greater Toronto Area for the December 2022 liv rent report

City breakdown

Brampton is still the cheapest GTA municipality this December, while Downtown Toronto unsurprisingly remains the most expensive.

The average price for an unfurnished one-bedroom unit in Brampton has dropped to $1,622, while in Downtown Toronto, the same type of unit goes for $2,514 – a difference of $892.

highest and lowest rent in the GTA by neighbourhood via the December 2022 liv rent report

Because Ontario’s different communities are so diverse, we’re breaking down the GTA into its different cities and municipalities to see the price difference within listing types: one-bedroom, two-bedroom, and three-bedroom units, both unfurnished and furnished.

  • Downtown Toronto had the most expensive one-, two-, and three-bedroom units for both furnished and unfurnished listings this December
  • For every listing type besides three-bedroom, furnished units, Brampton had the least expensive average rental rates.
  • Furnished one-, two-, and three-bedroom units in Brampton were all cheaper on average than their unfurnished counterparts.
average rent for unfurnished one, two and three bedroom units in the Greater Toronto Area - broken down by city/municipality for the December 2022 liv rent report
average rent for furnished one, two and three bedroom units in the Greater Toronto Area - broken down by city/municipality for the December 2022 liv rent report

Rental averages outside of the GTA

We’ve explored data from neighbourhoods, cities, and municipalities outside of the Greater Toronto Region. For these cities, Oshawa remains the least expensive city to rent in this month at $1,669 for an unfurnished, one-bedroom unit, while Oakville was the most expensive at $2,321.

average rent by municipality or city outside of the Greater Toronto Area via the December 2022 liv rent report

Our complete December 2022 Rent Report has information on even more key areas, broken down into region and unit type for a complete overview of rental averages in Ontario. To view these and all the other new information we’ve added, be sure to download your copy of the Rent Report below.


Is your rental priced competitively?

Find out with a free rent estimate. Our team of rental experts will calculate your unit’s true value based on your listing details & current market trends.



Downloadable resources

Make a splash at your next video meeting and rep the latest rental averages and trends with our custom virtual backgrounds — always free to download. 

Get your free virtual backgrounds

Were you looking for the full report? Download it for free here.


Download The Latest Toronto Rent Report

For the complete Toronto rent report, download here.


Renting in Ontario

For more information on renting in Ontario, refer to these comprehensive resource posts:


Data collection methodology

Our monthly rent reports use data from our own liv.rent listings, as well as data our team manually collects from other popular listing sites. For our Vancouver and Toronto Rent Reports, we look at Craigslist, Kijiji, Zumper, PadMapper, and Realtor.ca – as well as our own listings. For Montreal, we use PadMapper, Centris, and DuProprio, looking at available basement suites, apartments, condos, townhouses, semi-detached houses, and single-detached houses for each area.

When collecting this data, we do exclude luxury properties listed at over $5,000, as well as rooms for rent and shared accommodation. Investing in manual data collection means that we only consider the current month’s listing, since we can filter out duplicate listings and older ads that haven’t been removed.

Another key difference between our data collection methods and some government agencies like the CMHC is that we only include current asking rent prices. Many official reports will include data for entire buildings in their reports, which tends to skew numbers lower since many units are already occupied, and may be rent-controlled or rented for significantly lower than the current rates.

As we are a Canadian rental platform founded and based in Vancouver, we want to ensure that we’re providing a completely accurate depiction of the rental market in the cities we look at.



Find apartments & houses for rent with the liv.rent app

Rethink The Way You Rent

Not on liv.rent yet? Experience the ease of digital applications & contracts, verified tenants & landlords, virtual tours and more – all on one platform. Sign up for free or download the app.

Subscribe to receive these monthly updates on the Vancouver rental market. Discover last month’s Rent Reports below:

November 2022 Metro Vancouver Rent Report
November 2022 Toronto Rent Report
November 2022 Calgary & Edmonton Rent Report
November 2022 Montreal Rent Report

Greg Park, B.A.

Creative Content Writer at liv.rent

Greg Park is a Creative Content Writer here at liv.rent who shares insights and news with our community of landlords and tenants. [Read Full Bio]

You May Also Like

liv.rent's January 2023 rent report for Montreal - statistics, trends, data & more

January 2023 Montreal Rent Report

January 2023 rent report for Metro Vancouver from liv.rent

January 2023 Metro Vancouver Rent Report

liv.rent's January 2023 Rent Report for Calgary and Edmonton, Alberta has all the latest statistics, trends, and more from these two cities

January 2023 Calgary & Edmonton Rent Report

liv.rent's January 2023 rent report for the Greater Toronto Area - statistics, data and more

January 2023 Toronto Rent Report

Leave a Reply

Your email address will not be published. Required fields are marked *